JP Morgan Cazenove took Diageo (LON:DGE) off its laggards list, upgrading the alcoholic drinks group to ‘neutral’ from ‘underweight’.
The broker’s target price moves up to 1900p from 1700p.
Today’s upgrade incidentally coincides with a speculation driven 8% rally in London this morning, shares up to 1902p, following South American press reports of a potential takeover approach from private equity firm 3G Capital..
It is time to stop buying Bellway (LON:BWY), according to Citi, which today drops its recommendation for the homebuilder to ‘neutral’ from ‘buy’.
Whilst the investment bank’s recommendation has moved lower, the new price target is actually higher than before at 2540p from 2160p (the current market price is 2335p).
Deutsche Bank, meanwhile, is sticking with a ‘hold’ rating for the same homebuilder stock, though its price target moves upwards to 2326p from 2316p.
Credit Suisse lifts KAZ Minerals (LON:KAZ) to ‘outperform’ from ‘neutral’, with the price target upped to 320p from 255p.
Elsewhere, HSBC says FTSE250 financier Intermediate Capital Group (LON:ICP) is a ‘buy’, upgraded from ‘hold’.
Abzena (LON:ABZA) is rapidly demonstrating its potential to become a “major royalty play” in the biological sector, says Numis securities, which rates the AIM firm as a ‘buy’.
“We believe Abzena could enjoy, within a few years, multiple royalty streams from multiple products, some of which are destined to become blockbusters,” said analyst Dr Navid Malik.
“One could hypothesise that in time Abzena could become a substantial and high margin royalty play with diversified risk across a portfolio.”
Cantor Fitzgerald analyst Ian Osburn, meanwhile, says Breedon Aggregates (LON:BREE) offer investors “uniquely focussed exposure” to a fundamentally British industry that’s likely to benefit from a cyclical upswing over the next few years.
“To invest at this valuation one must believe that Breedon will close further acquisitions, increase growth capex as planned and realise strong returns from this capex,” Osburn said in a note. “We think it can, aided by a strong underlying market.”
Cantor rates Breedon as a ‘buy’ with a 55p price target (current price 46.25p).
Davy, the Dublin based broker, retained a ‘outperform’ rating for Irish oil firm Providence Resources (LON:PVR) as analyst Job Langbroek revisited his valuation following a recent share placing and as investors continue to await partnership deals for the Barryroe and Spanish Point projects.